Toys R Us Files for Bankruptcy

Toy store chain Toys R Us filed for bankruptcy Monday amid slumping sales and mountains of debt, just weeks before the holiday shopping season.

The company said its 1,600 Toys R Us and Babies R Us locations would remain open while it attempts to restructure its $5 billion debt with investors, several news outlets reported.

The 69-year-old company had long been hampered by competition from Wal-Mart and Amazon.

It amassed the debt by slashing prices, signing major exclusive licensing deals with toymakers and buying up other toy giants FAO Schwartz and KB Toys over the past decade.

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